Oil Prices Wane After Output Cap Extension

Oil prices fell Monday, as the market appeared to look past OPEC’s agreement late last week to extend its crude production cuts through the end of 2018 . U.S. crude futures recently trade down 75 cents, or 1.29%, to $57.61 a barrel on the New York Mercantile Exchange. Brent crude , the global benchmark, fell 92 cents, or 1.44%, to $62.81 a barrel on ICE Futures Europe. “A lack of any significant bullishness in the weekend let the bears regain control they were looking for,” said Donald Morton, senior vice president at Herbert J. Sims & Co., who oversees an energy trading desk. Mr. Morton said traders are expecting government data this week to show increases in fuel inventories. And traders who rely on algorithms to put on short-term trades have been liquidating bullish positions, accelerating the selloff, he said. The Organization of the Petroleum Exporting Countries and a […]